Garret Johnson's experience in Dallas reflects a national trend of increased delistings, which rose by 47% in May. Many sellers are unwilling to lower their asking prices, leading to a shift toward renting their properties. This phenomenon is creating 'accidental landlords' as sellers struggle to attract buyers amid economic uncertainty. The growing number of rental homes is reducing inventory for potential buyers and may also impact the rental market. Although rent prices may not significantly decline, the heightened competition could reduce the rate of rent increases.
Delistings of properties increased by 47% nationally in May as sellers declined to compromise on pricing, resulting in a shift toward renting out homes.
Home sellers, anchored by past peak prices, are struggling to attract cautious buyers, leading to listings going stale or being withdrawn from the market.
While renters may not experience significant reductions in rental prices, increased competition from the surge in rental properties could help moderate rent increases.
The rise in single-family rental properties is constraining home inventory for buyers, affecting anticipated home sales and leading to heightened competition among renters.
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